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If you know anyone who has been considering the idea of doing a short sale of their Long Beach home, let them know that the window will soon be closing an important tax-relief measure. A short sale is simply a sale where the homeowner owes more on the property than it’s currently worth and so the lender must approve the loss before the sale can proceed. The lender’s loss becomes “income” for the homeowner, and at the end of the year, the lender issues a 1099. Under a 2007 law that expires Dec. 31st, most taxpayers are able to exclude …

If you behind on your mortgage payments or facing foreclosure of your Long Beach home, you may be wondering what your options are. My team and I have worked with lots of homeowners in this situation. We’ve been able to help homeowners successfully avoid foreclosure even when the trustee sale was just around the corner. One of the first options that many homeowners explore is a loan modification. Sometimes, though, even if the bank agrees to reduce the payment, it’s not enough to reduce the financial stress on the homeowner. With negative equity, refinancing can be a challenge. Doing a …

If you or someone you know is considering a short sale of your home in Long Beach or surrounding communities, you should be aware that a rule regarding tax relief is set to expire at the end of this year. In 2007. the Mortgage Forgiveness Debt Relief Act of 2007 was passed, helping many underwater homeowners avoid taxes on the amount of debt that their lender forgives. Even though the homeowner doesn’t see any of the money from the short sale, the lender’s loss is considered the homeowner’s gain and the lender issues a 1099 reporting that amount as income. …

Last weekend I met with a woman who was trying to decide what to do with a Long Beach home. Her uncle just passed away and as the trustee and executor, it’s her job to take care of the estate. Unfortunately, the primary asset is a home with no equity. The mortgage is current right now, and we discussed her options. She wondered whether she should attempt a short sale of the Long Beach home or simply walk away from the mortgage. What about other options? Certainly, the woman I met with this weekend is not alone. As the current housing …

Earlier this month, we had some past clients who lost their Long Beach home to foreclosure. It was devastating for them and disappointing for us as well. We have helped dozens of Long Beach homeowners avoid foreclosure through short sales and we wanted to help them too. Unfortunately, it was too late. They waited too long to explore options other than foreclosure and the lender wouldn’t postpone the scheduled trustee sale. If you are behind on mortgage payments for your Long Beach home and don’t know what to do, I strongly encourage you to explore your options sooner rather than waiting! …

Several years ago, as the Long Beach real estate market shifted, my business made a radical shift along with it. I went from doing all traditional sales to doing a lot of short sales. The first couple were tough. In one of our first underwater sales, we listed a Long Beach home for sale just three days before it was slated to go to trustee sale. I remember designing a flyer and sending out emails for a “72 Hour Sale!” Fortunately, I was able to secure an offer, get the bank to postpone the sale and successfully close the short sale. Whew! Since then, I’ve …

If you’re considering buying a short sale, you may have heard horror stories about buyers who’ve waited for months or even years only to find out they can’t buy the dream home they’ve been waiting for. That does happen. But if you understand the process and follow the five tips below from Long Beach short sale expert Shannon Jones, you may be able to save yourself some heartache and wasted time. First let’s review what a short sale is — it’s simply the sale of a home by an owner who is “short” on equity. Because they are “upside down,” they must …

SOLD! Two bedroom Virginia Country Club area condo has wood laminate floors, high ceilings with crown moldings, and a gas fireplace. Tucked in the rear of the complex, this unit has two private patios — one off the master bedroom and another off the dining room and second bedroom. You’ll love the features of this condo, from the cute kitchen with tiled counters and built-in microwave to the walk-in closet in the master bedroom to the in-unit laundry area with stackable washer/dryer hookups. This complex has a common area with a swimming pool and spa (both currently undergoing renovation), along with …

If you or someone you know is considering a short sale of your Long Beach area home, it’s important to get all the facts. Many times when people fall behind their mortgage, they get bombarded with information and solicitations but aren’t sure where to turn. If you do nothing, the eventual result will probably be foreclosure, which could damage your credit and make it difficult to buy a home in the future. Unfortunately, there are a number of companies out there who prey on struggling homeowners. There are foreclosure alternatives you can pursue for free. Obtaining a loan modification on your …

JUST SOLD! This charming 3 bedroom Craftsman bungalow in the Rose Park South Historic District features a large living and dining room with hardwood floors, a master bedroom wih separate sitting area and a full master bath with clawfoot tub and separate shower. There are 2 additional bedrooms and a 1/2 bath, an inside laundry area, a kitchen with tiled floors, and a den with French doors overlooking the large wood deck and back yard patio. A detached garage with alley access and a gated driveway in the front provide plenty of off-street parking.This home is walking distance to …

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